NHU(002001) 申万宏源·2025-01-22 05:59Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance met expectations, achieving a historical high in profits, with ongoing advancements in its new materials business [1] - The company is expected to see significant growth in net profit for 2024, with estimates ranging from 5.8 billion to 6.2 billion yuan, reflecting a year-on-year increase of 114.48% to 129.27% [6] - The supply disruptions in vitamins due to incidents at BASF's Ludwigshafen site are expected to lead to a rebound in market prices, contributing to the company's performance [6] - The amino acid market is experiencing a slight price decline due to weak terminal demand, but year-on-year growth is still anticipated [6] - The company is progressing well with its new materials projects, including significant investments in various chemical production facilities, aiming to enhance its market position [6] - The profit forecast for 2024-2026 remains unchanged, with expected net profits of 6.057 billion, 7.197 billion, and 7.533 billion yuan, corresponding to PE valuations of 11X, 9X, and 9X respectively [6] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 15,117 million yuan, with a year-on-year decrease of 5.1%, followed by a significant increase of 42.8% in 2024 [2] - The net profit attributable to the parent company for 2023 is estimated at 2,704 million yuan, down 25.3% year-on-year, but expected to rebound to 6,057 million yuan in 2024, marking a 124% increase [2] - The gross margin is expected to improve from 33% in 2023 to 45.3% in 2024, indicating enhanced profitability [2] - The company's return on equity (ROE) is projected to rise from 10.9% in 2023 to 19.7% in 2024 [2] Market Data - As of January 21, 2025, the closing price of the company's stock was 22.06 yuan, with a market capitalization of 66,996 million yuan [3] - The stock has a price-to-book ratio of 2.5 and a dividend yield of 2.04% [3]